1h agoDiamond Sports, parent of Bally Sports Regional Networks, filed for Chapter 11 bankruptcy protection on Tuesday, but said in a statement its 19 regional sports channels would continue to operate unimpeded. Here’s what you need to know:
Diamond’s own parent, Sinclair, staggered under more than $8 billion of debt from its 2019 acquisition of the RSN, a unpropitiously timed deal that came just as cord cutting took hold., that its 14 teams carried by Bally would be abandoned by Diamond. That does not appear to be happening. The prepackaged bankruptcy, which is still being negotiated with creditors, is expected to reduce Diamond’s debt by $8 billion and sever the company from Sinclair Broadcasting.Diamond Sports Group “will continue broadcasting games and connecting fans across the country with the sports and teams they love,” David Preschlack, CEO of Diamond, said in a statement.
According to the Diamond Chapter 11, AZPB, the Diamondbacks parent, is the sports media company’s fourth largest creditor at $30.8 million. No other team is listed. College sports media company Raycom Sports Network is listed as owed $8.5 million.
NHL This probably explains why the DetroitRedWings feed on ESPN+/Hulu (Bally Sports Detroit) is so shitty tonight.
NBA Couldn’t be Spectrum Sports Network 💪